Home Buying in 90740>Question Details

John-paul Ne…, Home Buyer in Tujunga, CA

I rent an apartment and the owner mentioned possibly selling me my unit as a condo but all of the other units in the building are rentals

Asked by John-paul Nelson, Tujunga, CA Mon Nov 21, 2011

It is a 5 unit complex and he would want to sell me my unit as well as the unit next to me which would be the entire bottom floor of the apartment complex. I would love to do this as it is a great location and I love living there, and the owner is also technically family, but I am not sure the legality or ins and outs of this type of situation. Does any one out there have experience with this or know of any resources where I can find more information? Thanks in advance!

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7
Don't do it. You won't find financing and you won't receive a title policy for an apartment. If your landlord converts all 5 units to condominiums, most lenders require three years to pass before they will lend on the complex.

Happy funding, Rudi
Web Reference: http://www.umboc.com
1 vote Thank Flag Link Mon Nov 21, 2011
So what was the outcome on this question? Did the apartment convert to a condo and did you ever make the purchase?
0 votes Thank Flag Link Tue Dec 10, 2013
Not a good idea. If you want to buy a condo, go buy a condo in an approved Condo complex .


Best of Luck to YOU,

Kawain Payne
0 votes Thank Flag Link Tue May 22, 2012
Dear John-Paul
It has been said before and so I will say it again. Location, Location, and location. If all the units are not condos...beware. If they are all rentals...think about future profit on the property. How well is it being maintained. What will the HOA dues be ...if there are any. It is best to work with an established condo unit. IF you move forward I would contact a real estate lawyer to make sure your rights are protected. Some "deals" are never a good deal....buyer beware!
Please seek help from a licensed agent who can negotiate in your best interests and get the legal help you may need.
Best regards,
Valerie O'Brien
http://www.valeriejobrien.com
949-478-2893
0 votes Thank Flag Link Mon Nov 21, 2011
Is the apartment in Seal Beach, maybe in Old Town? I live in this area & know the right people to go to in order to turn an apartment complex into individual condos. You / the owner WOULD want to make all 5 units, Condos & NOT just 2 of them. It's a matter, not just of creating CC&R's, but a matter of assigning each unit their own parcel number so they can be resold or refinanced or financed at any time.

There is a process to go through. BUT, since you're family with the owner it could be a great deal for you to get 2 units.

Shoot me an email directly so we can talk some more about this, I won't look back on this same Trulia thread for answers posted after mine.

EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Main Street Realtors
0 votes Thank Flag Link Mon Nov 21, 2011
John-Paul,
It is VERY possible to purchase as specified by your landlord/family member. But, -or rather BUT , it would obviously be an abnormal property, would be hard to refinance/finance/sell, AND most of the elements would be present to play the blame game when it comes to repairs/maintenance not unlike the emmy winning soap operas. I should point out that there is a reason why units with shared walls by and large come with HOA's and CC&R's (general rules, method of reaction to, and money set aside for the expected as well as the unexpected). As tempting as it sounds, you might be best served to just purchase a conventional property such as a condo/townhome with a structured HOA and property manager. Most Tenants don't realized but the Home Purchase Affordability is the highest in decades, meaning most tenants who can afford rent should also afford a home purchase. Talk to a Realtor in Your Area, or better yet, contact me for an excellent referral to a Great Agent in Your Area !

Most Kindest Regards,
Mario Gonzalez
Realtor
714-363-8425
KELLER WILLIAMS REALTY
JD Power & Associates Ranked #1 Buyer Satisfaction 2008, 2009, 2010
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"When you have exhausted all possibilities, remember this. You Haven't." (Thomas Edison)
0 votes Thank Flag Link Mon Nov 21, 2011
It may be possible to do this if it is zoned as condo's or if the owner can get it rezoned as a condo. Your best place to start would be to check the title to see how it is currently zoned and then if you need to rezone it you would need to call the building department in your city. It might be that he is thinking of selling you half of the complex for a sum and put you on title as a partner in the property. Better see what the place is worth in this market.

Lori Hanson
OC Homes Realty
714-585-5236 Cell
0 votes Thank Flag Link Mon Nov 21, 2011
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